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Under the new IndyMac Federal loan modification program, eligible homeowners may be able to permanently modify their loan. The program is available to most borrowers who have first mortgage owned or securitized in service by IndyMac Federal where the borrower is seriously delinquent or in default. Borrowers must prove their financial hardship by documenting their income. The modified loan is intended to make the monthly payments more affordable to the homeowner, according to thirty eight percent debt-to-income ratio of principle, interests, taxes and insurance. If you’re in need of a modification, contact an attorney in your area to learn more about whether this or others loan modification programs are available for your situation.